What Is Estate Planning?
Arranging for the distribution of one’s wealth is what estate planning is all about. A critical part of estate planning is creating documents that outline your wishes for distributing your assets after you die as well as the medical treatments you’d like to receive if you should become incapacitated.
The most common documents drafted in an estate plan include:
- A last will and testament, or just a will
- A trust
- Power of attorney
- Health care directives, also called advance directives
Everyone should set up an estate plan before they pass on.
What Happens To An Estate Without A Plan?
Even if you haven’t sat down with an experienced estate planning attorney yet, you technically still have an estate plan. It just may not be in the form you’re hoping for.
In Ohio, as well as in many other states in America, the estates of people who die without a formal will or trust pass into what is called intestate succession. Once an estate passes into intestate succession, state statute determines which surviving relatives get what and how much.
Typically, intestate succession distributes your estate to your spouse, then your dependants and down through your relatives — from closest to furthest — until the entirety of your estate has been claimed.
When you think about it, the question is not whether you will have an estate plan, but whether you will have an estate plan of your own selection or one imposed upon you by law.
Don’t Make The Mistakes So Many Make
Unfortunately, many people have neither a will nor a trust which would identify their intent and desires after their death. They become so involved in their daily activities that they give little thought to the consequences of their demise.
Even those who do realize the importance of estate planning documents to protect and provide for their dependents may die prematurely leaving dependents unprotected. Families can be financially devastated and ripped apart by this procrastination.
Make The Right Choice — Talk To An Attorney Now
At the Law Offices of Jason M. Donnell, LLC, we understand that what most people want in life is to take care of their families, even after they are gone. With a well-drafted estate plan, you can do just that.
To meet with one of our experienced lawyers in person or over the phone, call our law office in Lancaster, Ohio, at 740-653-8171. You may also contact us online if it’s more convenient. We offer free initial phone consultations and we accept credit cards.